6:51 p.m. The House is voting on final passage of the Budget Control Act. It's a 15 minute vote.

6:46 p.m. Sen. Pat Toomey, R-Pa., is a no:

“Our government is heading for a fiscal crisis,” Sen. Toomey said. “We have doubled spending since 2000. Our deficits are now more than $1.4 trillion per year, and our debt has reached a stunning $14.3 trillion.

“Unfortunately, the debt ceiling deal announced last night does nothing to deal with the path of our government’s unsustainable deficit spending. For fiscal year 2012, this legislation will only cut two-tenths of 1 percent of total spending. Not only will our debt grow each year under this plan, it will continue to grow even as a percentage of our economy. Finally, I am concerned that the long-term cuts over the next decade will not materialize. All Congress has to do to override this bill’s spending restraints in the future is pass another law that overrides them. If Congress is truly serious about cutting spending, it would mandate serious spending cuts in next year’s budget – the only year in which cuts are actually guaranteed.

“While I appreciate the hard work and effort that has gone into this deal, it simply does not contain meaningful spending cuts, nor does it put us on a sustainable fiscal path. Therefore, I will be voting against the legislation tomorrow.”

6:37 p.m. In a statement of administration policy, the Obama administration "strongly supports" passage of the Budget Control Act. No surprises there.

6:27 p.m. The call of the House has been ordered. It's a quorum call and the first in a series of votes leading up to the final passage vote.

6:27 p.m. The call of the House has been ordered. It's a quorum call and the first in a series of votes leading up to the final passage vote.

6:01 p.m. Member of the "gang of six," Rep. Chris Van Hollen, D-Md., blamed Republicans for prioritizing partisan politics over safely reducing the deficit. "If the goal was to reduce the deficit, why not reduce tax payer subsidies for the oil companies?... The goal was to cripple the economy and slash the social safety nets like education and Medicaid."

5:43 p.m. House Minority Leader Rep. Nancy Pelosi, D-Calif., said she will vote to raise the debt ceiling, despite her comments earlier today when she told her caucus to "vote to their conscience."

5:41 p.m. Rep. David Camp, R-Mich., chairman of the House Ways and Means Comittee said the Republican control of his committee "virtually guarantees" that the process of raising the debt ceiling will not end with raising taxes.

5:35 p.m. House Minority Whip Rep. Steny Hoyer, D-Md., speaking on the floor blamed the Tea Party for stalling the deal and causing Washington to "miss a great opportunity." He called Tea Party ideas idealogical extremes. "For the first time in American history the radical right has held the economy hostage...Hopefully the [super congressional] committee will accurately reflect the priorities of this nation."

5:30 p.m. Members are having a hard time keeping remarks within the alloted minute and a half, but the vote just moved up. CSPAN now predicts voting to start at 6:30.

5:04 p.m. Jacob Lew, director of the White House's Office of Managment and Budget told MSNBC's Chris Matthews, that whatever path the special committee takes on entitlement and tax reform will take effect on Jan 1, 2013--the same day the Bush-era tax cuts are set to expire.

5:00 p.m. The Dow climbs back up, after dipping at mid day, and closes down 10 points. The roller coaster no doubt a result of news of the debt ceiling negotiation.

4:52 p.m. Jim Dean, Chair of Democrats for America, released a statement expressing his coalition's disappointment in President Obama. He applauded the work of his force and added, "Never have I admired their efforts more than today as America watched a bunch of highly paid lobbyists, Congressional staff, members of Congress and - yes - our President resoundingly prove that politics is indeed too important to be left to the ‘professionals.'"

4:45 p.m. Majority Leader Eric Cantor’s office says that after the House takes its vote on the debt-ceiling package, expected Monday night, the chamber will be adjourned for the August recess.

4:27 p.m. The House just passed a procedural vote to consider the bill to raise the debt ceiling. Now they floor is open for one hour of debate before the official vote. The final vote is expected around 7 p.m.

4:20 p.m. Sen. Bernie Sanders, I-Vt., will not vote for the debt ceiling deal. "Middle class and working class people who have been decimated by this recession... those are the people who are going to have to suffer through deficit reduction because they are the people who are being targetted."

4:18 p.m. Rep. Paul Ryan, R-Wisc., said Republicans only got two-thirds of the cuts they wanted to see in discretionary spending, but that the cuts were in his party's direction. "I'll take two-thirds in our direction over zero."

4:16 p.m. Rep. Paul Ryan, R-Wisc., patted his party on the back at a news briefing on the agreement to raise the debt ceiling, "We couldn’t even get caps on discretionary spending the last time Republicans were in the majority. We got that. That’s good. We believe this is a step in the right direction."

3:58 p.m. Members of the Armed Services Committee appear angered by the cuts to defense spending. House Speaker John Boehner, R-Ohio, met with the committee and then told reporters, "As I told them, this is the best defense numbers we're going to get."

3:44 p.m. Reps. John Boehner, R-Ohio, and Eric Cantor, R-Virginia, share their remarks on the proposed bill at a presser on Capitol Hill.

Boehner: "We have a real interest making sure that we don’t get into this spot again and I think we ought to have a balanced budget amendment in the constitution."

Cantor: "I think the big win here for us and for the American people is that there are no tax hikes."

3:37 p.m. Sen. Tim Johnson, D-S.D., released a statement on why he backs the bill: "I support the bipartisan debt ceiling compromise for one reason--the alternative is pain and chaos. This compromise keeps the full faith and credit of the United States intact, which is vital.

3:12 p.m. Sen. Joe Manchin, D-W.Va., released the following statement explaining his reasoning for voting for the bill to raise the debt ceiling. "While the American people had to witness a needlessly dysfunctional partisan political process, they have a reason to be optimistic. I will support this bipartisan compromise because it opens a commonsense pathway to work toward fixing our long-term spending and debt problems, while protecting vital programs like Social Security and Medicare."

2:59 p.m. C-SPAN reports that House will vote on the debate rule around 4:10 this afternoon. Debate on the rule currently underway.

2:52 p.m. House Minority Leader Rep. Nancy Pelosi, D-Calif., is not forcing her caucus to pass the debt bill. She said to House Democrats, "vote with your conscience."

2:46 p.m. Following a meeting with House Democrats, Vice President Joe Biden said, “We should be talking right now about job creation initiatives, infrastructure and investing in education…but the truth of the matter is, we’ve got this thing hanging over our heads. And that is the debt limit.” The agreement, he said, “has one overwhelming, redeeming feature. It says the debt issue can’t come up until 2013. This has nothing to do with elections. The moment this passes we will be talking about jobs.”

2:40 p.m. “This is not what I came to Congress for,” said Rep. Eliot Engel, D-N.Y., who will vote against the debt ceiling deal. “I do not feel confident that this is going to protect Medicare, Medicaid, and down the line Social Security, I think we’re playing with fire here. “ Engel, a liberal lawmaker, said he expected a minority of his Caucus to support it. “I think most House Democrats will not support the deal.”

2:35 p.m. Asked if she had the votes, House Minority Leader Nancy Pelosi, D-Calif., said, "You'll have to ask the speaker. He has the majority." Democrats met for over two hours on the debt ceiling compromise Monday afternoon in the Capitol. Vice President Joe Biden offered a personal appeal to lawmakers to support it—Democratic support is expected to be crucial to getting it over the goal line. The House is on schedule to vote tonight on the bill.

2:25 p.m. Sen. Kay Bailey Hutchison, R-Texas, sent a tweet to her followers telling them to click and see why she supported the debt deal. The link follows to a statement, in which Hutchison says "While I would have liked to have seen more cuts and entitlement reform, this is the best agreement we could have hoped for now, with Republicans in control of just the House of Representatives, and Democrats still controlling the Senate and White House. The agreement takes a series of small but significant steps in the right direction, which is better than big steps in the wrong direction. It has also set a new precedent for how the debt ceiling will be debated in the future. The agreement has the promise of putting us on the path toward a balanced budget. It has real spending cuts, no tax increases, and a real possibility of needed, deeper cuts and entitlement reform in the next few months."

2:22 p.m. Los Angeles Mayor Antonio Villaraigosa, the President of the U.S. Conference of Mayors, issued a statement in support of the debt deal today and urged its passage in Congress.

“Mayors across the country urge Congress to avert an economic crisis by passing legislation today to lift the debt ceiling. This legislation will create a framework for balanced fiscal discipline, which will help instill renewed confidence in our nation’s economy,” he wrote. ““Now it is critical that we turn towards an equally pressing crisis: the sky-high unemployment rates that persist across the country. We support steps to end wasteful spending, but recognize that those cuts alone won't end the recession and won't grow our local economies.”

Villaraigosa said the mayors “look forward” to working with the White House, the joint Congressional committee that would be established by the deal and the rest of Congress to create jobs. They are looking for the power to invest in infrastructure, improve in public safety and expand research and innovation as part of a final deal.

2:06 p.m. Rep. Steve King, R-Iowa, told MSNBC he would vote no. A member of the Tea Party caucus, King also refused to back Boehner's passed in the House on Friday.

1:56 p.m. Updating the tea party whip count (below). Rep. Allen West is now a 'yes.'

“It’s very clear” that there can be a bipartisan agreement to eliminate tax loopholes, Conrad said, as well as “other ways” to raise revenue without raising taxes.

Conrad said he has “never found,” among Republican negotiators, “any willingness to consider” letting the Bush tax cuts expire on schedule. “What people are willing to consider is fundamental tax reform,” Conrad said.

1:46 p.m. Sen. Bernie Sanders, I-Vt., a vocal liberal critic of the agreement, indicated he will oppose but not slow the bill. “I am just not gonna vote for it,” Sanders said.

1:44 p.m. Starting now: watch short speeches on the debt agreement in the Senate here.

1:32 p.m. Here's National Journal’s latest whip count of tea party caucus members and tea party-backed members of Congress. Will they support the new deal?

1:20 p.m. The debt ceiling deal allowed President Obama to “stay true to his values and goals,” White House Senior Advisor Valerie Jarrett said on MSNBC. Obama “was able to save” the “safety net programs” he prioritizes, Jarrett said, like entitlements.

“I think we’re going to see a great deal of support” for the bill once the details are fully explained to lawmakers and the public, Jarrett said. She said the bill provides “certainty for the long haul” by avoiding another contentious debate on raising the ceiling in six months time.

1:18 p.m. MSNBC reports that House Budget Committee Chairman Paul Ryan just called the deal a "good agreement" and says he thinks it's going to pass.

1:07 p.m. Asked by a reporter on the Hill this afternoon if there should be more deficit reduction, Senate Majority Leader Harry Reid said "hell yes." "We made a step forward and that's good," he said. "... When we started the last Congress [we] found ourself in a hole the country has never seen before. We lost 8 million jobs with the Bush administration, and President Clinton created 23 million jobs. We had a surplus when he took office of $7 trillion over ten years, and we're now -- because of the unpaid-for wars in Iraq and Afghanistan and the unpaid taxes and drug programs -- we're now $14 trillion, so yes, we have to do a lot more on deficit reduction."

Addressing reporters after a 2-hour Democratic Caucus meeting Monday which Vice President Joe Biden attended, Reid said he was “told the House will vote this evening.” Reid said he hopes to win agreement from all senators for a unanimous consent deal for the Senate to then vote on passage of the bill tonight, but Senate aides said that given the hour and a demand by several GOP conservatives to vote Tuesday to allow a day to review the bill, the vote is now more likely to come tomorrow. Leadership aides and senators said they expect adequate votes to clear a 60-vote threshold that would be part of a unanimous consent agreement.

Reid said there was “some enthusiasm for the legislation” in the caucus meeting, while “some on the other side were not so enthusiastic.”

1:03 p.m. The fiscally conservative Club for Growth is out with a statement saying it “strongly opposes” the new deal and urges lawmakers to vote “no.” “The problems with this proposal are many,” the group writes. “But fiscal conservatives should have obvious concerns for the lack of guaranteed future spending cuts, no requirement that a balanced budget amendment to the Constitution be sent to the states, a commission that could still recommend job-killing tax increases, and worst of all, two debt limit increases totaling over $2 trillion within only a matter of months.”

12:53 p.m. Third Way comes out in support of the deal. In a statement, Third Way President Jonathan Cowan said:

“The deal announced last night by President Obama and leaders in Congress will avert a short-term economic calamity, and it will serve as a necessary step toward grappling with our budget deficit. We urge Congress to pass it.

“But this deal is just a first step, and no one should declare ‘mission accomplished.’ As Third Way has said from the beginning of this debate, the only way to avert a long-term fiscal crisis is a grand bargain. The deal pending before Congress gets us part of the way there by making real spending reforms on both the defense and domestic sides of the ledger.

“But to finish the job, the next steps toward such a bargain must involve tough choices on both sides – Republicans must be willing to throw out their pledges and support an increase in revenues; Democrats must tell their core supporters that the only way to save entitlements like Medicare and Social Security is to reform them. Both options must be on the table immediately, and neither side should view their absence in the current deal as an opportunity to declare them off-limits. A grand bargain is the only way for the United States to avoid a downgrade, get our fiscal house in order and protect crucial investments so that we can secure long-term growth. It will be difficult. But in the coming months, Congress must decide if we are to be a AAA or a AA nation.

“The most heartening thing about this deal is that after months of bitterness and rigidity, it reflects genuine compromise. In an era of divided government, principled compromise cannot be a dirty word. No one thinks this deal is perfect, meaning that, for now at least, negotiators have arrived at an agreement worth building on.”

12:48 p.m. Grover Norquist of Americans for Tax Reform tweets: "The Boehner Rule: Never again will the debt ceiling be raised without a dollar for dollar cut in federal spending."

12:43 p.m. MoveOn comes out against the deal.

“This is a bad deal for our fragile economic recovery, a bad deal for the middle class and a bad deal for tackling our real long-term budget problems," Justin Ruben, the group's executive director, said in a statement. "It forces deep cuts to important programs that protect the middle class, but asks nothing of big corporations and millionaires. And though it does not require cuts to Medicare, Social Security and Medicaid benefits, it opens the door for these down the road via an unaccountable Congressional committee. We surveyed our 5 million members and the vast majority oppose the deal because it unfairly asks seniors and the middle class to bear the burden of the debt deal. Congress should do what it should have done long ago and what it has done dozens of times before – pass a clean debt ceiling bill.”

“I would have liked to have seen entitlement reform” in the deal, Bailey Hutchison said, and expressed the hope that the super committee will “tackle that.”

12:18 p.m. Rep. Ron Paul, R-Texas, who is running for president, will not support the debt deal, a spokeswoman tells National Journal.

12:07 p.m. More updates from the Senate side of the Hill:

Sen. Mark Kirk, R-Ill., said he will vote for the bill despite concerns about defense cuts. Leaving a GOP conference meeting, Kirk said he did not believe any Republican senator will force a delay in a Senate vote.

Sen. Orrin Hatch, R-Utah, who faces a likely primary challenge next year is still reviewing the bill and has not decided how he will vote, a spokeswoman said. We expect Hatch to vote against the bill. Rep. Jason Chaffetz, R-Utah, who may challenge Hatch for the GOP Senate nomination, is a no, according to ABC News.

Sen. Ben Nelson, D-Neb., said he is undecided.

With the House set to move first and Senate conservatives pushing for at least a day to review the bill before they agree to a unanimous consent deal for expedited Senate action, a final Senate vote looks likely to come Tuesday.

11:54 a.m. From the Pentagon:

Pentagon spokesman Col. Dave Lapan said the Pentagon is still engaged with the Office of Management and Budget and other parts of the administration to determine how the debt deal would line up with the amount President Obama already announced he would cut from the defense budget. “At this point,” Lapan told reporters, “I don’t have specifics.” Obama announced in April he would cut $400 billion from the DOD budget and other security accounts over the next 12 years.

11:52 a.m. More from the Hill:

Congressional leaders remain confident they have the votes to win approval for the debt ceiling deal. Most hopeful sign so far: Leading deficit hawk Sen. Jim DeMint, R-S.C., says he won’t take advantage of Senate rules to delay a vote.

Sen. Orrin Hatch, R-Utah, remains undecided, says a spokesman (Hatch faces a potential career-ending reelection challenge next year from conservatives in his own party.)

Sen. Ben Nelson, D-Neb.: “I don’t know yet. I haven’t seen the details.” He told reporters he does not like the super-committee, designed to make the hard decisions on budget-balancing. Nelson is also in a tough reelection fight next year, against Republican challenger Jon Bruning.

11:38 a.m. House Majority Leader Eric Cantor’s office says the House will vote on the debt deal first, then the Senate. The vote has not yet been scheduled, and there were no other details as to timing.

11:31 a.m. While it was unclear Monday if the Senate or House would move first on the bill, Senate leadership aides in both parties said that they expect members will sign off on a unanimous consent deal allowing a Senate vote by Tuesday with a 60-vote threshold. Aides expect the bill to clear 60 votes easily with backing from leadership in both parties.

A GOP leadership aide said that while the bill must clear the 60-vote requirement, conservative opponents of the bill will probably accept the chance to try to block the bill without drawing out the process.

“Delaying the final vote wouldn’t change the outcome, and I think they are more interested in changing the outcome than just talking about it,” the aide said.

Sen. Jim DeMint, R-S.C., told NJ he will he and other conservatives will insist on a day to read the bill with a vote Tuesday but would likely not otherwise slow it. "I think most Republicans would agree with that," he said.

10:39 a.m. On the Senate floor, Majority Leader Harry Reid says he expects the Senate to vote on the debt deal at some point later today.

10:36 a.m. After refusing to take a position on the Boehner plan last week, Mitt Romney comes out against the debt deal:

“As president, my plan would have produced a budget that was cut, capped and balanced – not one that opens the door to higher taxes and puts defense cuts on the table. President Obama’s leadership failure has pushed the economy to the brink at the eleventh hour and 59th minute. While I appreciate the extraordinarily difficult situation President Obama’s lack of leadership has placed Republican Members of Congress in, I personally cannot support this deal.”

10:06 a.m. Markets are happier now that some of the uncertainty caused by the debt negotiations has been resolved. The Dow Jones industrial average rose more than 125 points in the first few minutes of trading Monday morning, gaining 1.1 percent to 12,277.58. The S&P 500 stock index and Nasdaq also climbed over 1 percent. But the gains may be short-lived as concerns about a possible downgrade and disappointing Q2 GDP numbers weigh on investors’ minds. By 9:40 a.m., the Dow was up only about 90 points.

She hailed as a “significant achievement” the shift in debate away from clean debt-ceiling increases and toward matching increases with spending cuts.

“I think we set a precedent, and I think that’s important,” Emerson said. “We have to have some kind of enforcement mechanism” to rein in the deficit.

If enough progress is made toward deficit reduction by 2013, Emerson said, “it may well be that…we may not have to face increasing the debt ceiling at that particular time.”

Emerson chairs the "Tuesday Group," a coalition of moderate House Republicans.

9:56 a.m. Vice President Joe Biden will meet with the House and Senate Democratic Caucuses at the Capitol today, the White House announces.

9:55 a.m. The first votes in the House are expected to take place sometime around 2 or 3 p.m., according to House Majority Whip Kevin McCarthy's office.

9:35 a.m. Sen. Mike Lee, R-Utah, will not be supporting the deal because it doesn’t address Congress’s borrowing authority in the long term. But it’s a “significant step forward,” the tea party member said on Fox & Friends. “Seven, eight months ago people in this town were still talking about the need for another stimulus and new government spending. We are instead discussing how many trillions of dollars we should cut.”

Lee doesn’t know how many of his fellow senators will join him in voting against the bill. “We got news of this deal last night and I haven’t had a chance to talk to my colleagues or our counterparts in the House to get even a rough vote count,” he said. “I should know more within an hour or two.”

9:23 a.m. Sen. Mike Crapo, R-Idaho, predicted on MSNBC’s Daily Rundown that “at least 30, maybe even 35” Republican Senators are likely to support the debt ceiling deal. “I believe that in the end we will see pretty strong support in the Senate on both sides,” Crapo said.

Crapo said that the proposed deficit reduction supercommittee has the potential to succeed where other committees have failed. “So far, we haven’t had” a committee “with the kind of teeth that this one has,” Crapo said: a guaranteed vote in both the Senate and the House if a deal is reached, and guaranteed across-the-board cuts if a deal is not.

9:18 a.m. Sen. Kelly Ayotte, R-N.H., a member of the Senate Budget Committee, doesn’t think the deal will protect the United States’ top AAA bond rating.

“I haven’t seen the language yet… I’m going to look at this very closely. But I’m really concerned. I want to avoid default and avoid downgrade,” she said on Fox & Friends.

“If we have a downgrading of our credit, it will cost all of us more,” Ayotte warned.

9:11 a.m. Congress has “missed an opportunity” to reach a “balanced, long-term” deficit reduction deal, House Minority Whip Steny Hoyer, D-Md., said on MSNBC’s Daily Rundown. Whether the proposed debt-reduction super committee “will be able to work in a positive fashion is doubtful.”

“We have moved forward,” Hoyer said, gaining “stability for the markets” by avoiding default and protecting Medicare and Social Security from immediate cuts.

House Democrats will meet at 12:00 today to discuss the proposed deal. Hoyer said he believes that roughly 150 House Republicans will need to vote in favor of the deal, but wouldn’t say how many votes he expects from his own caucus.

He said House Democrats were uniformly “disappointed that this deal was not as balanced as they’d hoped it would be,” but believe that “default is not an option.”

Hoyer called President Obama “the responsible party in this negotiation.”

8:25 a.m.A tweet from Rep. Emanuel Cleaver, D-Mo., is getting some attention in the Twittersphere:

"This deal is a sugar-coated satan sandwich. If you lift the bun, you will not like what you see."

8:23 a.m. Sen. John McCain, R-Ariz., reminded viewers of Fox & Friends: “The fact that the president did not get his tax increase, that he can no longer have this line about corporate jets and all of that is significant.”

“I think this result, which is basically the McConnell last-option plan, is one we can live with. None of us like it particularly, but I think it’s something that has to happen,” McCain said. He expects to see general market approval of the deal today.

McCain called President Obama “M.I.A.” when asked to describe his leadership skills during the deficit negotiations. “The negotiations, the agreement was conducted between basically Harry Reid, Mitch McConnell, and John Boehner.”

8:14 a.m. Senate Majority Whip Dick Durbin, D-Ill., said that while the debt ceiling deal represented a “down payment” on the deficit, “there’s still a lot more to do.” Lawmakers need to address entitlement reform and revenues, Durbin said on MSNBC’s Morning Joe.

Durbin argues that threatened cuts to sacred cows—military spending for Republicans and Medicare and other social programs for Democrats—will motivate lawmakers as the deficit reduction committee moves forward. “We think Medicare is critically important and we’re willing to fight for it,” Durbin said.

8:03 a.m. Rep. Barney Frank, D-Mass., praised the military spending cuts outlined in the debt ceiling deal. “That I found attractive,” he said on MSNBC’s Morning Joe, noting that the cuts would ramp up the pressure to withdraw American troops from Iraq and Afghanistan.

“It’s a bad plan in a lot of ways and will exacerbate unemployment,” Frank said of the deal. But the alternative—default—would be “disastrous,” he said. “If we were to have a default now, confidence in government…would be so devastated.”